Texas, particularly the Permian Basin, was driving global oil economics into the early 1970s until the U.S. met maximum output, giving way to OPEC. More than 40 years later, the U.S. is producing more than ever. Here’s the new world order: Move over, OPEC.
Tom Petrie, Chairman, Petrie Partners
Mars Sour, the benchmark for sour U.S. Gulf Coast grades, was trading at a $1.05 premium to U.S. crude futures on July 1.
The fall in oil exports has starved the socialist government of President Nicolas Maduro of its main source of revenue, contributing to an economic collapse.
In May, Chinese refineries received their first crude cargo from the U.S. since November, of around 550,000 tonnes, the customs data released late on June 25 showed.